Question 115914: Someone please explain/show/ help me with this.....it is homework due tonight and I am LOST.....
The annual incomes of the five presidents of TMV Industries are: 125,000.,128,000.,122,000.,133,000.,140,000., consider this population.
a) What is the range?
b) What is the arithmetic income?
c) What is the population variance? The standard deviation?
d) The annual incomes of the officers of another firm similiar to TMV Ind. were also studied.The mean was 129,000., and the standard deviation 8,612. Compare the means and dispersions in the two firms.
Answer by tutor_paul(519)   (Show Source):
You can put this solution on YOUR website! a) RANGE is highest minus lowest - you can figure that out :-)
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b) "arithmetic income" makes no sense - do you mean arithmetic mean income? if so, add up all the salaries and divide the result by the total number of salaries (5).
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c) The variance is computed as the average squared deviation of each number from its mean. In this case, the mean is 129600. So the formula to find the variance is:
you can do the math.
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c) The standard deviation is simple - it's just the square root of the variance.
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d)the mean salary is higher at TMV - compare your answer for standard deviation from part (c) to comment on the dispersion.
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Good Luck,
tutor_paul@yahoo.com
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